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Nov. 12 (Reuters) – Saudi Arabia advanced Monday after losses of three sessions as investors welcomed Riyadh's plan to cut oil supplies to raise crude prices, while Islamic Bank Abu Dhabi got the support of the new authorizing foreigners to buy his shares.
The main index of Saudi Arabia rose 0.8% after the announcement by the Saudi energy minister Sunday that the kingdom would reduce the oil supply markets global average of about 0.5 million barrels per day in December, pushing the Brent reference oil by more than 2% today. On Monday.
Al Rajhi Bank grew by 1.1%, ahead of the largest stock market support, while Samba Financial Group grew by 1.2%.
Al-Baha Investment and Development jumped by a daily maximum of 10%, while the company made a profit in the third quarter after Zakat and taxes, compared to the previous year.
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Cement companies in the southern kingdom, near the border with Yemen, added gains Sunday, with some investors expecting the end of the war in Yemen, which would increase regional cement demand for reconstruction. Cement Cement jumped 1.6%, while cement from the southern region gained 1.2%.
The Abu Dhabi general index fell by around 1%, its worst daily performance in almost two months, under pressure from most banks' shares. Abu Dhabi Commercial Bank fell 3.9%.
Funds may have fled banks to Abu Dhabi's Islamic Bank, which jumped 13.4 percent to a two-and-a-half-year high after the bank cleared foreigners to hold up to 25% of its shares as of November 19th. Second At present, the Emirati are only allowed to hold the shares of the Bank. The bank's share recorded the largest volume of transactions in 10 years.
The main Egyptian stock index rose 0.8%, fueled by the 5.4% rise in El Sewedy Electric and 4.1% in Eastern Tobacco.
Orascom Development Egypt jumped 9.9% to 5.90 pounds after the company said its combined business figure rose 38% in the third quarter, pushing Pharos Securities to qualify its results as "excellent" .
The Dubai index fell 0.5%, recording losses for three consecutive sessions, under the pressure of real estate equity losses. Emaar Properties lost 2.7% and Damac Properties plunged 1.9%.
Qatar's benchmark rose 0.2% after three consecutive sessions. The Qatar National Bank (QNB), the largest bank in the Middle East, rose 1.5% after the announcement of the appointment of Abdullah Mubarak Al Khalifa as acting CEO.
Ali Ahmed al-Kuwari, managing director of the Qatar National Bank Group, was appointed Minister of Commerce and Industry in Qatar last week.
Here are the closing levels of the Middle East stock indexes:
– Saudi Arabia: The index rose 0.8% to 7,775 points.
– Dubai … The benchmark fell 0.5% to 2,803 points.
– Abu Dhabi – The index fell 1% to 4,954 points.
– Qatar: The index rose 0.2% to 10,415 points.
– Egypt – The index rose 0.8% to 13678 points.
– Kuwait: the index fell 0.2% to 5290 points.
– Bahrain .. The index fell 0.3% to 1,308 points.
– Oman .. The index fell 0.5% to 4,480 points.
(Prepared by Alaa Rushdi for the Arab Newsletter – Edit Islam Yahya)
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